Mosaic Rises After Ending Fight Over Florida Phosphate Mine
Mosaic Co. (MOS), the world’s largest producer of phosphate crop nutrients, rose the most in six weeks after saying it resolved a dispute with environmental groups over the expansion of a Florida mine.
Mosaic gained 3.3 percent to $58.80 at the close in New York, the largest advance since Jan. 10.
An agreement between the company and groups including the Sierra Club allows mining at the South Fort Meade mine in Florida to return to normal, Plymouth, Minnesota-based Mosaic said in a statement published yesterday after the close of regular trading. The groups had challenged in court a planned increase in the mining area. Mosaic has operated Fort Meade at a reduced capacity since 2010 because of the dispute.
“This settlement provides certainty around our South Fort Meade mine and we look forward to bringing it back to full production,” Richard Mack, Mosaic’s executive vice president and general counsel, said in the statement.
Mosaic also is raising its dividend on an annual basis to 50 cents a share from 20 cents, Chief Executive Officer Jim Prokopanko said today.
The move is “based on the confidence we have in Mosaic’s ability to drive financial results and the long-term fundamentals of the industry,” Prokopanko said in a presentation to analysts in Tampa, Florida.
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